The House Interim Committee on Disaster Recovery met in Sedalia last night to get an idea of how much money it will cost to repair from the May 25 tornado.Committee Chairman Speaker Pro Tem Shane Schoeller says one place the money could come from is the Rainy Day fund, which is the state’s emergency store of cash. But, Schoeller says in order to make changes to the state’s Rainy Day Fund would require the legislature to meet in a special session.
Schoeller says the state would have to pay back the fund for three consecutive years at a one percent interest rate. He says the interest itself is not unmanageable, but it’s the money they borrow that would be difficult to pay back.
He also warned against making too many unnecessary regulations on houses, like mandatory basements, because if these requirements make houses too expensive to build or repair, the regulations are hurting rather than helping people.
Jeff Spalding contributed to this report.